Orient Technologies Shares Soar 41% on Successful Market Debut

Orient Technologies Ltd shares were listed with a 41% premium against their issue price of Rs 206. The stock debuted at Rs 290 on the BSE and later surged to Rs 304.45. The IPO, subscribed 151.71 times, aimed to fund capital expenditure and acquire office premises in Navi Mumbai.

Shares of Orient Technologies Ltd started trading with a substantial premium of nearly 41 per cent over their issue price of Rs 206 on Wednesday.

The stock opened at Rs 290 on the BSE, marking a 40.77 per cent increase from the issue price, and subsequently surged by 47.79 per cent to reach Rs 304.45. On the NSE, the shares were listed at Rs 288, reflecting a 39.80 per cent premium.

The company's market valuation now stands at Rs 1,267.78 crore. The IPO, which was subscribed 151.71 times by the final day, raised Rs 215 crore with a price range of Rs 195-206 per share. Of this amount, Rs 120 crore came from a fresh issue, with Rs 95 crore from an offer-for-sale of 46 lakh equity shares by promoters.

Proceeds from the IPO will be allocated towards capital expenditure, the acquisition of office space in Navi Mumbai, and general corporate purposes. Over the years, Orient Technologies has built significant expertise in IT Infrastructure, IT Enabled Services (ITeS), and Cloud and Data Management Services, serving a broad client base in both public and private sectors, including BFSI, IT & ITeS, healthcare, and pharmaceuticals.

(With inputs from agencies.)